METALS-Nickel prices boosted by Philippines ban for mining island
JOHANNESBURG, Jan 12 (Reuters) - Nickel prices jumped on Tuesday after major producer the Philippines ordered a halt on mining on an island that is home to some projects.Philippine President Rodrigo Duterte banned mining on Tumbagan Island in Languyan, in Tawi-Tawi province, over concerns about the environmental impact.
Although the order did not cover the country’s nickel mining hub in Caraga region, the potential supply disruption boosted prices.Benchmark nickel on the London Metal Exchange (LME) was up 3.3% at $17,650 a tonne by 1700 GMT, making it the biggest gainer among base metals.
“This seems like it’s a small part of nickel mining in the Philippines, so it’s interesting to note but I don’t think it has a large influence on actual supply,” said Commerzbank analyst Daniel Briesemann.The Philippines is the biggest supplier of nickel ores to top metals consumer China.
METALS-Nickel prices boosted by Philippines ban for mining...
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